Irrespective of how long you have been riding a motorcycle, getting it properly insured can be a tedious task. If you don’t do your research properly, and read through all the fine print, it can cost you dearly. It is also important to understand all the aspects of your policy, and how does it affect a claim situation. Even seasoned riders often make mistakes that can make your ride just too expensive. Here are some things to consider before buying insurance for your motorbike:
- How often do you want to pay your insurance: Depending on your own finances, you need to decide if you prefer to pay your premiums, monthly, quarterly or yearly. From a price point, yearly, onetime payment is always going to be more economical.
- Will you have passengers: Pillion riding, surprisingly, does impact motorcycle insurance. So before buying your bike insurance, confirm with your company if you will be riding solo or with passenger. Having a passenger adds to the premium, so it is better to check the policy details with the insurance providers.
- Winter Storage Coverage: Some insurance companies offer this in areas where bad weather prohibits motorcycle driving. Also known as layup coverage, it allows one to pause certain parts of your premium during the winter months, as bad weather prohibits driving. It still maintains comprehensive coverage against theft and non-accident damage.
- Claim Insurance Ratio: It is good to check the insurer’s claim settlement ratio before buying any policy. A good policy has to be accompanied by the ease and efficiency of the claims procedure. Many companies offer what seems like a cheap insurance policy. But unfortunately, with hidden clauses and deliberate delays, they often impede the smooth payout. It can be frustrating when seeking claim for a troublesome situation.
- Type Of Insurance: A few types of insurance coverage are available for two wheelers in general. Whether you opt for Third Party Liability Insurance, Stand Alone Damage Bike Insurance, or Comprehensive Bike Insurance, it is important to do your research and check their coverage. Some might be mandatory while others are optional. Depending on your local law and your needs, its best to opt for one that is useful.
- Pay for only what is necessary: Many insurance companies offer a detailed insurance policy with all the bells and whistles. But before signing and agreeing to the hefty premium accompanying it, it is wise to think if all that is actually required. It is imperative to read through the fine print and understand all the minor details to avoid paying for extra services which might be of no use.
Even though there are many more things to consider when buying insurance for your motorbike, mentioned here are some fundamental ones. While it may not be possible to take into account every factor, each time you buy your policy, it is advisable to be cognizant of the major points. It can save you time and money and offer ease of claim settlement in the long run.